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JOINT SESSION BETWEEN CITY COUNCIL AND <br />THE COMMUNITY REDEVELOPMENT AGENCY <br />3. PAYMENT TO EDUCATIONAL REVENUE AUGMENTATION FUND <br />Recommended Action: <br />CITY COUNCIL <br />Approve an appropriation adjustment transferring loan funds from the <br />Low and Moderate-Income Housing Fund to the Merged Redevelopment <br />Project Area Fund to make the necessary payment to the County <br />Educational Revenue Augmentation Fund as required by legislation <br />implementing the California State Budget for FY 2008-2009. <br />COMMUNITY REDEVELOPMENT AGENCY <br />Adopt a resolution finding that borrowing $3,679,545 in Housing Set-Aside <br />Funds to make the FY 2008-2009 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <br />COMMENTS <br />4. COMMUNITY REDEVELOPMENT AGENCY BOARDMEMBER COMMENTS <br />AT THIS TIME Community Redevelopment Agency board members may <br />comment on non-agenda matters and ask questions of or give directions to <br />staff. NO action may be taken on non-agenda items unless authorized by law. <br />ADJOURNMENT <br />CRA AGENDA 4 MAY 4, 2009 <br /> <br />. ~, <br /> <br />11 <br />